FULL YEAR FINANCIAL STATEMENT ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE 2016

Transcription

1 FULL YEAR FINANCIAL STATEMENT ANNOUNCEMENT FOR THE YEAR ENDED 30 JUNE (a) An income statement (for the ) together with a comparative statement for the corresponding period of the immediately preceding financial year. Fourth Quarter Ended Increase/ Full Year Ended Increase/ 30/06/ /06/2015 (Decrease) 30/06/ /06/2015 (Decrease) S$ 000 S$ 000 % S$ 000 S$ 000 % Revenue 214, ,704 (16) 1,059,770 1,159,921 (9) Cost of sales (172,076) (149,570) 15 (763,134) (762,218) - Gross profit 42, ,134 (60) 296, ,703 (25) Other income 47,183 81,094 (42) 625, ,361 N/M Administrative expenses (21,919) (21,176) 4 (83,678) (107,330) (22) Other expenses (850) (6,914) (88) (4,450) (10,308) (57) Finance costs (11,063) (14,659) (25) (58,555) (64,570) (9) Share of (loss)/profit of associates and joint ventures (net of tax) (989) (40) N/M (2,692) 805 N/M Profit before tax 54, ,439 (62) 773, , Tax expense (5,455) (17,858) (69) (150,660) (74,848) 101 Profit for the period/year 49, ,581 (61) 622, , Profit attributable to: Equity holders of the Company 39, ,305 (63) 606, , Non-controlling interests 9,467 18,276 (48) 15,811 17,461 (9) 49, ,581 (61) 622, , N/M : Not meaningful. Page 1

2 1(a)(i) Breakdown and explanatory notes to the income statement:- Fourth Quarter Ended Increase/ Full Year Ended Increase/ 30/06/ /06/2015 (Decrease) 30/06/ /06/2015 (Decrease) S$ 000 S$ 000 % S$ 000 S$ 000 % Interest income 4,908 1, ,037 9, Depreciation of property, plant and equipment (4,818) (2,333) 107 (10,069) (9,061) 11 Net allowance for foreseeable losses on development properties (3,132) - N/M (3,132) - N/M Net fair value gain on derivative financial instruments 1,244 10,374 (88) 926 2,194 (58) Net foreign exchange (loss)/gain (1,900) (9,193) (79) 8,495 5, Net fair value gain from investment properties 14,564 72,499 (80) 19,653 72,499 (73) Gain/(Loss) on disposal of interests in subsidiaries and associates 19,042 (2,507) N/M 560,944 (2,507) N/M N/M : Not meaningful. Page 2

3 1(b)(i) A statement of financial position (for the issuer and ), together with a comparative statement as at the end of the immediately preceding financial year. As At Company As At 30/06/ /06/ /06/ /06/2015 S$ 000 S$ 000 S$ 000 S$ 000 Non-current assets Property, plant and equipment 494, , Investment properties 2,711,193 2,486, Subsidiaries - - 2,001,613 2,452,382 Associates and joint ventures 427, , Other receivables, including derivatives Other investments Deferred tax assets 29,500 41, ,664,105 3,426,366 2,001,613 2,452,382 Current assets Inventories 2,410,452 4,711, Trade and other receivables, including derivatives 401, , Cash and cash equivalents 1,430, , Assets held for sale - 150, ,242,500 6,085, Total assets 7,906,605 9,511,758 2,001,851 2,452,602 Equity Share capital 1,926,053 1,926,053 1,926,053 1,926,053 Reserves 1,350,094 1,010,395 44,426 31,897 Equity attributable to ordinary equity holders of the Company 3,276,147 2,936,448 1,970,479 1,957,950 Perpetual securities - 200, ,276,147 3,136,743 1,970,479 1,957,950 Non-controlling interests 166, , Total equity 3,442,206 3,296,245 1,970,479 1,957,950 Non-current liabilities Other payables, including derivatives 210, ,498 30, ,755 Loans and borrowings 1,708,205 3,672, Deferred tax liabilities 13,648 58, ,931,865 3,900,455 30, ,755 Current liabilities Trade and other payables, including derivatives 339, , Loans and borrowings 2,122,091 1,607, Current tax liabilities 71,059 82, Liabilities held for sale - 98, ,532,534 2,315,058 1, Total liabilities 4,464,399 6,215,513 31, ,652 Total equity and liabilities 7,906,605 9,511,758 2,001,851 2,452,602 Page 3

4 1(b)(ii) Aggregate amount of s borrowings and debt securities. Amount repayable in one year or less, or on demand As at 30/06/2016 (S$ 000) As at 30/06/2015 (S$ 000) Secured Unsecured Secured Unsecured 1,611, , , ,833 Amount repayable after one year As at 30/06/2016 (S$ 000) As at 30/06/2015 (S$ 000) Secured Unsecured Secured Unsecured 800, ,130 2,032,846 1,640,148 Details of any collateral The s assets pledged/mortgaged to secure loan facilities granted to the are as follows:- At carrying amounts:- As At 30/06/ /06/2015 S$ 000 S$ 000 Property, plant and equipment 380, ,971 Investment properties 2,153,400 1,898,924 Inventories 2,224,018 2,446,602 Page 4

5 1(c) A cash flow statement (for the ), together with a comparative statement for the corresponding period of the immediately preceding financial year. Fourth Quarter Ended Full Year Ended 30/06/ /06/ /06/ /06/2015 S$ 000 S$ 000 S$ 000 S$ 000 Cash flows from operating activities Profit before tax 54, , , ,661 Adjustments for:- Amortisation of transaction cost on loans - 1,022-4,721 and borrowings Depreciation of property, plant and equipment 4,818 2,333 10,069 9,061 Dividend income from equity securities (1) - (6) (158) Finance costs 11,063 14,659 58,555 64,570 Interest income (4,908) (1,933) (20,037) (9,774) Loss on disposal of equity securities (Gain)/Loss on disposal of interests in subsidiaries and associates (19,042) 2,507 (560,944) 2,507 Loss/(Gain) on disposal of property, plant and equipment 12 (76) (132) (116) Net fair value gain on derivative financial instruments (1,244) (10,374) (926) (2,194) Net fair value gain on investment properties (14,564) (72,499) (19,653) (72,499) Net allowance for foreseeable losses on development properties 3,132-3,132 - Share of loss/(profit) of associates and joint ventures (net of tax) ,692 (805) Unrealised exchange loss/(gain) 4,651 (26,177) 4,651 (26,177) Writeback of share-based payments - (328) - (259) (Writeback of allowance)/allowance for doubtful receivables (21) 6 (21) 8 39,653 52, , ,624 Changes in:- Inventories 78, , ,771 (213,464) Trade and other receivables (70,681) (41,406) 231,505 10,533 Trade and other payables (65,228) (25,013) (146,230) 62,751 Balances with holding companies and related corporations (781) 382 (1,659) (302) Cash generated from operating activities (18,329) 113, , ,142 Tax paid (16,244) (36,532) (184,762) (50,219) Net cash (used in)/from operating activities (34,573) 76, ,163 96,923 Page 5

6 Fourth Quarter Ended Full Year Ended 30/06/ /06/ /06/ /06/2015 S$ 000 S$ 000 S$ 000 S$ 000 Cash flows from investing activities Additions to investment properties (73,547) (78,824) (218,815) (202,636) Additions to property, plant and equipment (29,626) (14,152) (68,116) (28,858) Acquisition of a subsidiary, net of cash (11,560) acquired Balances with associates and joint ventures (458) (11,540) 33,135 (24,053) Dividends received from associates and joint ventures 3 1,138 1,409 2,775 Dividends received from equity securities Interest received 6,020 6,012 19,668 12,776 Proceeds from disposal of interests in associates Proceeds from disposal of interests in subsidiaries 88,322 19,503 2,229,684 19,503 Proceeds from disposal of equity securities Proceeds from disposal of investment properties ,623 - Proceeds from disposal of property, plant and equipment Net cash (used in)/from investing activities (9,278) (77,210) 2,018,875 (230,670) Cash flows from financing activities Acquisition of non-controlling interests in a subsidiary - (1,409) - (1,409) Distribution payment for perpetual securities (4,687) (4,661) (9,426) (9,400) Dividends paid - - (55,488) (55,488) Dividends paid to non-controlling interests - - (1,754) (1,678) Decrease in fixed deposits pledged , ,404 Interest paid (33,036) (46,378) (160,481) (176,774) Proceeds from loans and borrowings 192,101 1,008, ,180 2,873,708 Proceeds from loans from non-controlling interests of subsidiaries 12,800 5,200 34,100 17,840 Redemption of perpetual securities (200,000) - (200,000) - Repayment of amounts due to non-controlling interests of subsidiaries - (68) - (68) Repayment of loans and borrowings (138,116) (1,007,048) (2,049,366) (2,611,564) Net cash (used in)/from financing activities (170,938) (45,900) (1,512,112) 154,571 Net (decrease)/increase in cash and cash equivalents (214,789) (46,286) 1,056,926 20,824 Cash and cash equivalents at beginning of the period/year 1,659, , , ,475 Exchange differences on translation of balances held in foreign currencies (15,505) 18,400 (39,040) 19,853 Cash and cash equivalents at end of the period/year 1,429, ,152 1,429, ,152 For the purpose of the consolidated statement of cash flows, cash and cash equivalents exclude cash collaterals and are presented net of bank overdrafts repayable on demand. For the year ended 30 June 2016, the generated net cash of $550.2 million from its operating activities as compared to $96.9 million in the previous financial year. Cash from investing activities of $2,018.9 million was mainly from the disposal of subsidiaries. For financing activities, net cash used of $1,512.1 million was mainly for repayment of loans and borrowings during the financial year. Page 6

7 1(d) Consolidated Statement of Comprehensive Income Fourth Quarter Ended Increase/ Full Year Ended Increase/ 30/06/ /06/2015 (Decrease) 30/06/ /06/2015 (Decrease) S$ 000 S$ 000 % S$ 000 S$ 000 % Profit for the period/year 49, ,581 (61) 622, , Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign subsidiaries, associates and joint ventures (46,492) (78,477) (41) (116,896) 155,461 N/M Translation reserve of subsidiaries reclassified to profit or loss upon disposal 10,234 (8,033) N/M (91,762) (8,033) N/M Translation reserve of an associate reclassified to profit or loss upon deemed disposal - (2,730) (100) - (2,730) (100) Net change in fair value of available-for-sale securities 168 (316) N/M (110) (835) (87) Net change in fair value of available-for-sale securities reclassified to profit or loss upon disposal - (2) (100) - 78 (100) Other comprehensive income for the period/year, net of tax (36,090) (89,558) (60) (208,768) 143,941 N/M Total comprehensive income for the period/year, net of tax 13,223 36,023 (63) 413, ,754 7 Attributable to: Equity holders of the Company 2,333 24,514 (90) 404, ,221 6 Non-controlling interests 10,890 11,509 (5) 9,412 6, Total comprehensive income for the period/year, net of tax 13,223 36,023 (63) 413, ,754 7 N/M: Not meaningful. Page 7

8 1(e)(i) A statement (for the issuer and ) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalisation issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year. Statement of Changes in Equity for the Full Year ended 30 June 2016 and 30 June 2015 Attributable to ordinary equity holders of the Company Total Non- Share Capital Other Reserves* Accumulated Profits Ordinary Equity Perpetual Securities Total Controlling Interests Total Equity S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 At 1 July ,926,053 (72,371) 1,082,766 2,936, ,295 3,136, ,502 3,296,245 Total comprehensive income for the year Profit for the year , , ,687 15, ,498 Other comprehensive income Translation differences relating to financial statements of - (110,502) - (110,502) - (110,502) (6,394) (116,896) foreign subsidiaries, associates and joint ventures Translation reserve of subsidiaries reclassified to profit - (91,762) - (91,762) - (91,762) - (91,762) or loss upon disposal Net change in fair value of available-for-sale securities - (105) - (105) - (105) (5) (110) Total other comprehensive income, net of tax - (202,369) - (202,369) - (202,369) (6,399) (208,768) Total comprehensive income for the year, net of tax - (202,369) 606, , ,318 9, ,730 Transactions with equity holders, recorded directly in equity Contributions by and distributions to equity holders Accrued distribution for perpetual securities - - (9,131) (9,131) 9, Distribution payment for perpetual securities (9,426) (9,426) - (9,426) Redemption of perpetual securities (200,000) (200,000) - (200,000) Dividends - - (55,488) (55,488) - (55,488) (1,754) (57,242) Total contributions by and distributions to equity holders - - (64,619) (64,619) (200,295) (264,914) (1,754) (266,668) Changes in ownership interests in subsidiaries Disposal of subsidiaries with non-controlling interests (1,101) (1,101) Total changes in ownership interests in subsidiaries (1,101) (1,101) Total transactions with equity holders - - (64,619) (64,619) (200,295) (264,914) (2,855) (267,769) At 30 June ,926,053 (274,740) 1,624,834 3,276,147-3,276, ,059 3,442,206 * Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, fair value reserve and merger reserve. Page 8

9 Attributable to ordinary equity holders of the Company Total Non- Share Capital Other Reserves* Accumulated Profits Ordinary Equity Perpetual Securities Total Controlling Interests Total Equity S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 At 1 July ,926,053 (227,064) 921,802 2,620, ,795 2,820, ,945 2,973,531 Total comprehensive income for the year Profit for the year , , ,352 17, ,813 Other comprehensive income Translation differences relating to financial statements of foreign subsidiaries, associates and joint ventures - 166, , ,199 (10,738) 155,461 Translation reserve of a subsidiary reclassified to profit or loss upon disposal - (8,033) - (8,033) - (8,033) - (8,033) Translation reserve of an associate reclassified to profit or loss upon deemed disposal - (2,730) - (2,730) - (2,730) - (2,730) Net change in fair value of available-for-sale securities - (620) - (620) - (620) (215) (835) Net change in fair value of available-for-sale securities reclassified to profit or loss upon disposal Total other comprehensive income, net of tax - 154, , ,869 (10,928) 143,941 Total comprehensive income for the year, net of tax - 154, , , ,221 6, ,754 Transactions with equity holders, recorded directly in equity Contributions by and distributions to equity holders Accrued distribution for perpetual securities - - (9,900) (9,900) 9, Distribution payment for perpetual securities (9,400) (9,400) - (9,400) Writeback of share-based payments - (176) - (176) - (176) (83) (259) Dividends - - (55,488) (55,488) - (55,488) (2,386) (57,874) Total contributions by and distributions to equity holders - (176) (65,388) (65,564) 500 (65,064) (2,469) (67,533) Changes in ownership interests in subsidiaries Acquisition of a subsidiary with non-controlling interests ,802 7,802 Acquisition of non-controlling interests without a change in control (1,409) (1,409) Disposal of subsidiaries with non-controlling interests (3,900) (3,900) Total changes in ownership interests in subsidiaries ,493 2,493 Total transactions with equity holders - (176) (65,388) (65,564) 500 (65,064) 24 (65,040) At 30 June ,926,053 (72,371) 1,082,766 2,936, ,295 3,136, ,502 3,296,245 * Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, fair value reserve and merger reserve. Page 9

10 Share Other Accumulated Total Capital Reserves* Profits Equity S$ 000 S$ 000 S$ 000 S$ 000 Company At 1 July ,926,053 (162,047) 193,944 1,957,950 Profit for the year ,017 68,017 Total comprehensive income for the year ,017 68,017 Transactions with equity holders, recorded directly in equity Contributions by and distributions to equity holders Dividends - - (55,488) (55,488) Total contributions by and distributions to equity holders - - (55,488) (55,488) Total transactions with equity holders - - (55,488) (55,488) At 30 June ,926,053 (162,047) 206,473 1,970,479 At 1 July ,926,053 (162,047) 206,514 1,970,520 Profit for the year ,918 42,918 Total comprehensive income for the year ,918 42,918 Transactions with equity holders, recorded directly in equity Contributions by and distributions to equity holders Dividends - - (55,488) (55,488) Total contributions by and distributions to equity holders - - (55,488) (55,488) Total transactions with equity holders - - (55,488) (55,488) At 30 June ,926,053 (162,047) 193,944 1,957,950 *Include reserve for own shares and capital reserve. Page 10

11 Statement of Changes in Equity for the Fourth Quarter ended 30 June 2016 and 30 June 2015 Attributable to ordinary equity holders of the Company Total Non- Share Capital Other Reserves* Accumulated Profits Ordinary Equity Perpetual Securities Total Controlling Interests Total Equity S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 At 1 April ,926,053 (237,227) 1,586,682 3,275, ,993 3,478, ,169 3,633,670 Total comprehensive income for the period Profit for the period ,846 39,846-39,846 9,467 49,313 Other comprehensive income Translation differences relating to financial statements of foreign subsidiaries, associates and joint ventures - (47,874) - (47,874) - (47,874) 1,382 (46,492) Translation reserve of subsidiaries reclassified to profit or loss upon disposal - 10,234-10,234-10,234-10,234 Net change in fair value of available-for-sale securities Total other comprehensive income, net of tax - (37,513) - (37,513) - (37,513) 1,423 (36,090) Total comprehensive income for the period, net of tax - (37,513) 39,846 2,333-2,333 10,890 13,223 Transactions with equity holders, recorded directly in equity Contributions by and distributions to equity holders Accrued distribution for perpetual securities - - (1,694) (1,694) 1, Distribution payment for perpetual securities (4,687) (4,687) - (4,687) Redemption of perpetual securities (200,000) (200,000) - (200,000) Total contributions by and distributions to equity holders - - (1,694) (1,694) (202,993) (204,687) - (204,687) Total transactions with equity holders - - (1,694) (1,694) (202,993) (204,687) - (204,687) At 30 June ,926,053 (274,740) 1,624,834 3,276,147-3,276, ,059 3,442,206 * Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, fair value reserve and merger reserve. During the current quarter, $34 million of translation gain of subsidiaries reclassified to profit or loss upon disposal in the period ended 31 March 2016 was reversed. Accordingly, the effects of the reversal have been adjusted in the statement of changes in equity at 1 April Page 11

12 Attributable to ordinary equity holders of the Company Total Non- Share Capital Other Reserves* Accumulated Profits Ordinary Equity Perpetual Securities Total Controlling Interests Total Equity S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 At 1 April ,926,053 10, ,943 2,914, ,474 3,117, ,115 3,271,228 Total comprehensive income for the period Profit for the period , , ,305 18, ,581 Other comprehensive income Translation differences relating to financial statements of foreign subsidiaries, associates and joint ventures - (71,782) - (71,782) - (71,782) (6,695) (78,477) Translation reserve of a subsidiary reclassified to profit or loss upon disposal - (8,033) - (8,033) - (8,033) - (8,033) Translation reserve of an associate reclassified to profit or loss upon deemed disposal - (2,730) - (2,730) - (2,730) - (2,730) Net change in fair value of available-for-sale securities - (245) - (245) - (245) (71) (316) Net change in fair value of available-for-sale securities reclassified to profit or loss upon disposal - (1) - (1) - (1) (1) (2) Total other comprehensive income, net of tax - (82,791) - (82,791) - (82,791) (6,767) (89,558) Total comprehensive income for the period, net of tax - (82,791) 107,305 24,514-24,514 11,509 36,023 Transactions with equity holders, recorded directly in equity Contributions by and distributions to equity holders Accrued distribution for perpetual securities - - (2,482) (2,482) 2, Distribution for perpetual securities (4,661) (4,661) - (4,661) Writeback of share-based payments - (223) - (223) - (223) (105) (328) Dividends (708) (708) Total contributions by and distributions to equity holders - (223) (2,482) (2,705) (2,179) (4,884) (813) (5,697) Changes in ownership interests in subsidiaries Acquisition of a subsidiary with non-controlling interests ,802 7,802 Acquisition of non-controlling interests without a change in control (1,409) (1,409) Disposal of subsidiaries with non-controlling interests (3,900) (3,900) Total changes in ownership interests in subsidiaries (5,309) (5,309) Total contributions by and distributions to equity holders - (223) (2,482) (2,705) (2,179) (4,884) (6,122) (11,006) At 30 June ,926,053 (72,371) 1,082,766 2,936, ,295 3,136, ,502 3,296,245 * Include reserve for own shares, share option reserve, capital reserve, translation reserve, revaluation reserve, fair value reserve and merger reserve. Page 12

13 Share Other Accumulated Total Capital Reserves* Profits Equity S$ 000 S$ 000 S$ 000 S$ 000 Company At 1 April ,926,053 (162,047) 135,918 1,899,924 Profit for the period ,555 70,555 Total comprehensive income for the period ,555 70,555 At 30 June ,926,053 (162,047) 206,473 1,970,479 At 1 April ,926,053 (162,047) 134,885 1,898,891 Profit for the period ,059 59,059 Total comprehensive income for the period ,059 59,059 At 30 June ,926,053 (162,047) 193,944 1,957,950 *Include reserve for own shares and capital reserve. Page 13

14 1(e)(ii) Details of any changes in the Company s share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year. State the total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year. A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on. As At 30/06/2016 (a) Issued and fully paid ordinary shares (S$ 000):- At 1 April and 30 June ,926,053 (b) There are no outstanding executives share options as at 30 June 2016 and 31 March As At 30/06/ /06/2015 (c) No. of issued ordinary shares 1,183,373,276 1,183,373,276 Less : No. of shares acquired by the Trust for ESOS (73,604,933) (73,604,933) 1,109,768,343 1,109,768,343 The total number of issued ordinary shares excluding shares acquired by the Trust for ESOS as at 30 June 2016 and 30 June 2015 is 1,109,768,343. As At 30/06/2016 (d) No. of shares acquired by the Trust for ESOS:- At 1 July 2015 and 30 June ,604,933 Page 14

15 2. Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice. The figures for the financial year ended 30 June 2016 have been audited by the Company s auditors. 3. Where the figures have been audited or reviewed, the auditors report (including any qualifications or emphasis of a matter). The auditors report with respect to the s financial statements for the year ended 30 June 2016 is attached. 4. Whether the same accounting policies and methods of computation as in the issuer s most recently audited annual financial statements have been applied. Except as disclosed in Item 5 below, the has applied the same accounting policies and methods of computation in the financial statements for the current financial year as those applied in the most recently audited financial statements of the for the financial year ended 30 June If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change. The adopted various new/revised Financial Reporting Standards ( FRS ) which took effect for financial year beginning 1 July There is no significant financial impact on its financial position or performance from the adoption of these amendments to FRS. 6. Earnings per ordinary share of the for the current financial period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends. Earnings per ordinary share for the period/year based on the s profit attributable to equity holders of the Company*:- Fourth Quarter Ended Full Year Ended 30/06/ /06/ /06/ /06/2015 a. Based on weighted average number of ordinary shares in issue after adjusting for the shares held by the Trust for ESOS (cents) Weighted average number of ordinary shares ( 000) 1,109,768 1,109,768 1,109,768 1,109,768 b. On a fully diluted basis (cents) Weighted average number of ordinary shares ( 000) 1,109,768 1,109,768 1,109,768 1,109,768 * After deducting accrued distribution for perpetual securities for the fourth quarter and full year ended 30 June 2016 of $1,694,000 (2015: $2,482,000) and $9,131,000 (2015: $9,900,000) respectively. Page 15

16 7. Net asset value (for the issuer and ) per ordinary share based on issued share capital of the issuer at the end of the:- (a) current financial period reported on; and (b) immediately preceding financial year. As At Company As At 30/06/ /06/ /06/ /06/2015 S$ S$ S$ S$ Net asset value per ordinary share based on existing issued share capital after adjusting for the shares held by the Trust for ESOS A review of the performance of the, to the extent necessary for a reasonable understanding of the s business. It must include a discussion of the following:- (a) any significant factors that affected the turnover, costs and earnings of the for the current financial period reported on, including (where applicable) seasonal or cyclical factors; and (b) any material factors that affected the cash flow, working capital, assets or liabilities of the during the current financial period reported on. (i) Income statement Fourth Quarter Ended 30 June 2016 The ended its fourth quarter with profit attributable to equity holders of $39.8 million, a drop of 63% as compared to the previous corresponding quarter. Revenue decreased by 16% to $214.5 million for the current quarter as compared to the previous corresponding quarter. The drop in revenue was due to lower revenue recognised for Singapore and China as Goodwood Residence in Singapore and Seasons Park in Tianjin were substantially sold in the previous financial year. The lower revenue recognised from these projects was offset by progressive revenue recognised from the sale of Sims Urban Oasis in the current financial year. Gross profit fell by 60% mainly due to change in sales mix in the two periods of review. Other income reduced by 42% to $47.2 million mainly due to a lower fair value gain from investment properties in the current quarter. This was partially offset by the gain from disposal of a Malaysian subsidiary which owns a 33-storey office building located within the integrated development project known as Damansara City. In line with the lower profit for the quarter, tax expense decreased by 69% as compared to the previous corresponding quarter. Full Year Ended 30 June 2016 The ended the financial year with a profit attributable to equity holders of $606.7 million on the back of revenue of $1,059.8 million. Revenue for the current financial year decreased by 9% mainly due to lower revenue recognised for Singapore and China. This is due to the absence of contribution from Goodwood Residence and Seasons Park as these were substantially sold in the previous financial year. In addition, the sale of the serviced apartments in Shanghai Guoson Centre was also completed in the previous financial year. The lower revenue was partially offset by revenue recognised in the current financial year for DC Residency in Malaysia as the Temporary Occupation Permit for the project was obtained in November 2015 and the progressive revenue recognition from the sale Page 16

17 of Sims Urban Oasis in Singapore. The fall in revenue and change in sales mix have led to a 25% decrease in gross profit as compared to the previous financial year. Other income for the current financial year increased by $523.5 million mainly due to a gain from the s disposal of subsidiaries relating to the Dongzhimen project. Mainly due to this transaction, the s tax expense increased by $75.8 million in the current financial year. Administrative expenses for the current financial year reduced by 22% to $83.7 million as compared to the previous financial year. The lower professional fees for China operations were partially offset by an increase in other administrative expenses as a result of the increase in activity and profitability in the current financial year. Finance costs fell by 9% to $58.6 million mainly due to lower loans and borrowings in the current financial year. (ii) Statement of financial position Equity attributable to ordinary equity holders of the Company was $3.28 billion as at 30 June 2016, an increase of 12% from 30 June The increase was mainly due to strong profit recorded for the financial year. Inventories reduced by 49% to $2.41 billion as at 30 June 2016 mainly due to disposal of the Dongzhimen project. Trade and other receivables reduced by $159.3 million to $401.8 million as at 30 June 2016 mainly due to lower sales proceeds receivable from Singapore projects. The 36% drop in trade and other payables was mainly in relation to projects in China. During the fourth quarter ended 30 June 2016, the completed the disposal of a Malaysian subsidiary which owns a 33-storey office building located within the integrated development project known as Damansara City. Accordingly, there were no assets and liabilities classified as held for sale as at 30 June Strong cash flow from operating and investing activities improved the s gearing to 0.7 times as at 30 June The s cash increased by $767.2 million while total loans and borrowings reduced by $1.45 billion as compared to 30 June In addition, perpetual securities of $200 million were fully redeemed and cancelled on 27 May Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results. No forecast was made. The business environment described in item 10 of the s results announcement for the third quarter and nine months ended 31 March 2016, has not changed. 10. A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the operates and any known factors or events that may affect the in the next reporting period and the next 12 months. In Singapore, the property market remains challenging although there are early signs that the residential property market is stabilising. According to the 2 nd quarter 2016 real estate statistics released by the Urban Redevelopment Authority ( URA ), the price index for the overall private residential market declined by 0.4% in the 2 nd quarter of 2016 compared to a 0.7% decline in the previous quarter. The 0.4% fall was the smallest quarterly decline seen in the 11 straight quarters of correction. The remains committed to the Singapore residential market with our recent win in the tender for the residential site at Martin Place. On the leasing front, rentals of office space continue to decline, falling 3.5% in the 2 nd quarter of 2016 according to the URA. The muted economic outlook and weak business sentiments will likely continue to place pressure on office rents in In spite of Page 17

18 relatively weak market conditions, Guoco Tower, the s integrated premium Grade A office component of Tanjong Pagar Centre, is expected to achieve a healthy pre-commitment level. In China, new home prices continue to rise month-on-month in 55 out of 70 cities surveyed by the National Bureau of Statistics in June Prices in Shanghai rose 2.4% month-on-month and 33.7% year-on-year in June. Recent property cooling measures introduced in the larger cities have started to slow down the price increase in these cities. In Malaysia, the property market outlook and sentiment continue to be cautious. Notwithstanding this, the continues to see opportunities in the Malaysia market. In July 2016, the s Malaysian subsidiary entered into a sale and purchase agreement for the proposed acquisition of two land parcels located in Mukim Cheras in Negeri Selangor. The acquisition is expected to be completed in the 4 th quarter of Amidst the challenging operating environment, the will continue to focus on sales and leasing of its current projects. The is also strategically exploring investment opportunities available to diversify the portfolio. 11. Dividend (a) Current Financial Period Reported On Name of Dividend Proposed First and Final One- Tier Exempt Ordinary Dividend Proposed Special One-Tier Exempt Dividend Dividend Type Cash Cash Dividend Amount per Share (in cents) 5 cents 4 cents (b) (c) Corresponding Period of the Immediate Preceding Financial Year Name of Dividend Dividend Type Dividend Amount per Share (in cents) Date payable Proposed First and Final One-Tier Exempt Ordinary Dividend Cash 5 cents The proposed first and final one-tier exempt ordinary dividend of 5 cents per share and a special one-tier exempt dividend of 4 cents per share in respect of the financial year ended 30 June 2016, if approved at the Annual General Meeting to be held on 24 October 2016, will be paid on 22 November (d) Books closure date Notice is hereby given that subject to shareholders approving the declaration of a first and final one-tier exempt ordinary dividend and a special one-tier exempt dividend, the Transfer Books and Register of Members of the Company will be closed on 2 November 2016, for the preparation of dividend warrants. Duly completed transfers should reach the office of the Company s Registrar, B.A.C.S. Private Limited, at 8 Robinson Road #03-00 ASO Building, Singapore , not later than 5.00pm on 1 November In respect of shares in securities accounts with The Central Depository (Pte) Limited ( CDP ), the said dividends will be paid by the Company to CDP which will in turn distribute the dividend entitlements to holders of ordinary shares in accordance with its practice. Page 18

19 12. Segmented revenue and results for business or geographical segments (of the ) in the form presented in the issuer s most recently audited annual financial statements, with comparative information for the immediately preceding year. Business Segment 2016 Revenue Singapore China Malaysia Vietnam Sub-Total Others Total S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 S$ 000 External revenue 651, , ,082 4,965 1,059, ,059,770 Results Segment profit/(loss) before tax 155, ,048 63, ,851 (7,483) 814,368 Share of profit/(loss) of associates and joint ventures (net of tax) - (2,929) (2,692) - (2,692) Interest income , ,080 12,976 7,061 20,037 Finance costs (10,443) (1,715) (14,713) - (26,871) (31,684) (58,555) Profit/(loss) before tax 145, ,388 49,095 1, ,264 (32,106) 773,158 Tax expense (21,086) (120,272) (10,117) (385) (151,860) 1,200 (150,660) Profit/(loss) for the year 124, ,116 38,978 1, ,404 (30,906) 622, Revenue External revenue 714, ,995 39,799 4,416 1,159, ,159,921 Results Segment profit/(loss) before tax 224, ,492 77, ,745 (30,093) 372,652 Share of profit/(loss) of associates and joint ventures (net of tax) 12 (1,287) 2, Interest income 268 7, ,281 9, ,774 Finance costs (729) (15,164) (10,207) - (26,100) (38,470) (64,570) Profit/(loss) before tax 224,539 91,713 69,511 1, ,206 (68,545) 318,661 Tax expense (38,363) (32,617) (4,977) (314) (76,271) 1,423 (74,848) Profit/(loss) for the year 186,176 59,096 64,534 1, ,935 (67,122) 243,813 Page 19

20 13. In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments. Singapore continues to be the main contributor of the s revenue for the year ended 30 June Comparing with the previous financial year, revenue from Singapore decreased by 9% to $651.3 million in the current financial year. Segment profit before tax from Singapore decreased by 31% to $155.9 million in the current financial year mainly due to the change in sales mix for the two period of review. China contributed revenue of $272.4 million, a drop of 32% as compared to the previous financial year. However, boosted by the gain from disposal of the Dongzhimen project in the current financial year, segment profit before tax from China increased by close to six-fold to $602.0 million. Whilst revenue from Malaysia improved by $91.3 million to $131.1 million, its segment profit before tax decreased by 18% to $63.1 million. This was because the higher profit from sales was offset by lower fair value gain from its investment properties for the current financial year. 14. A breakdown of sales. Full Year Ended Increase/ 30/06/ /06/2015 (Decrease) S$ 000 S$ 000 % (a) Revenue for first half year 679, , (b) Profit after tax but before deducting non-controlling interests for first half year 560,443 67,933 N/M (c) Revenue for second half year 380, ,632 (34) (d) Profit after tax but before deducting non-controlling interests for second half year 62, ,880 (65) N/M: Not meaningful 15. A breakdown of the total annual dividend (in dollar value) for the issuer s latest full year and its previous full year. Full Year Ended 30/06/2016 S$ /06/2015 S$ 000 Ordinary dividends paid in respect of previous financial years 55,488 55, Interested Person Transactions The Company does not have a shareholders mandate for interested person transactions. 17. Confirmation Pursuant to Rule 720(1) of the Listing Manual GuocoLand Limited confirms that undertakings under Rule 720(1) have been obtained from all its directors and executive officers in the format set out in Appendix 7.7. Page 20

21 18. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer. Pursuant to Rule 704(13) of the Listing Manual of the Singapore Exchange Securities Trading Limited, GuocoLand Limited (the Company ) confirms that there is no person occupying a managerial position in the Company or in any of its principal subsidiaries who is a relative of the director, chief executive officer or substantial shareholder of the Company. BY ORDER OF THE BOARD Mary Goh Swon Ping Company Secretary 29 August 2016 Page 21

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